Britain opens a nuclear fuel fund to reduce dependence on Russia

Britain announced Monday that its 75 million-pound ($90.5 Million) fund to boost domestic nuclear fuel production and reduce dependence on Russian uranium supply was open for applications.

In July, the fund announced that it would award grants to businesses involved with uranium conversion. This is a crucial stage in the creation of nuclear fuel from metal. The fund will be open to applications from Monday through February 20.

Russia currently holds around 20% of the global uranium-conversion capacity.

Minister for Energy and Climate Graham Stuart stated that record-breaking global gas prices due to Putin’s illegal invasion of Ukraine have made it clear that there is a need for more domestically-generated renewable energy. However, the UK also produces nuclear power, which can be used to build more plants and develop domestic fuel capabilities.

The fund was awarded to the Springfields nuclear fuel manufacturing facility in northwest England. It is estimated that the fund could be worth up to 13 million pounds.

Since the invasion of Ukraine, the energy supply has been a major focus. This has driven costs up sharply. Britain will be less dependent on natural gas in the future, as planned additions to its nuclear electricity generation capacity will decrease its dependence on that fuel. Natural gas-fueled around 45% of Britain’s generation in 2021.

In November, Britain declared it would be a 50% shareholder of the Sizewell C nuke project. It provided 700 million pounds of funding for the plant. The plant is located in southeast England.

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